€75k lift for technology recycling firm

A company that designed the world’s first automated recycling technology for LCD flat screens has won €50,000 in seed capital and the top prize at Limerick Institute of Technology’s Business Awards.

ALR Innovations founded by Limerick engineer Lisa O’Donoghue has designed the world’s first automated recycling technology for flat-screen TVs has been awarded seed funding and consultancy supports to the value of €75,000.

Dr O’Donoghue said that the funding couldn’t have come at a better time.

“This award is a huge boost for my company and at a critical time. Securing funding is extremely difficult in the current environment for start-ups, but the package available now, including the equity offer from AIB Seed Capital Fund, gives the business great security at what is a really exciting and a very important stage of its development,” she said.

ALR technology are going to start manufacturing a machine which processes LCD screens early next year. The manufacturing will be carried out in Ireland and the company has already had interest from Europe, Asia, Australia and America in their product. The company will be hiring people in sales and administrative roles.

The unit can process 80 LCD screens an hour removing mercury tubes and LCD panels which contain hazardous materials that have to be disposed of separately. ALR technology is also hoping that they will be able to generate a further revenue stream by removing a valuable rare earth metal, indium, from the screens.

The company is hoping to capture a slice of the European waste electronic equipment market that is valued as €1.4 billion a year. In Europe, legislation has been introduced that requires that flat screen technology be disposed of responsibly.

Dr O’Donoghue developed that technology with the help of the Environmental Protection Agency. “The EPA have been great they worked with us side by side in developing this.”

ALR technology then took part in the LIT LEAP programme. LEAP assists entrepreneurs in establishing their businesses. LEAP commenced in 2007 with 11 participants and has supported over 60 companies through the year-long programme

President of LIT Dr Maria Hinfelaar said “We have been privileged at LIT to work with and support really smart start-up companies over the past five years and ALR Innovations is a prime example of that type of innovation. We predict great things for this company.”